interesting articles and shit

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I'm not saying anything revolutionary by saying that the (((financial industry))) is rotten to the core... but learning about its satanic black magic fiat ponzis, and what they plan to do with leverage, and derivatives, and clearing houses. Stealing from an entire class of people, not just raping a generation... it's a true Den of Vipers as Jackson said. They plan to take it all, and their ability to do that is already on the State's books for them to be able to get retarded jackboots to enforce it. Inherently unstable financial markets is the horrific norm.
 
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Appeals court will rehear challenge to Nasdaq board diversity rule, putting mandate at risk

Absent this working, apparently by 2026 every Nasdaq listed company will be mandated to have wamen, troon and/or kangz members on their board. Or maybe some combination thereof. At least two, if I am reading this correctly. Weird how I had not even heard of this incoming nonsense until yesterday.

Underrepresented minorities include Blacks, African-Americans, Hispanics, Native Americans or Alaska Natives, Native Hawaiians or Pacific Islanders. LGBTQ+ is defined as “an individual who self-identifies as any of the following: lesbian, gay, bisexual, transgender, or as a member of the queer community.”
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Apparently chinks, nips, kimchi eaters and street shitters are now counted as white. Sucks to be them, I guess. However, since the term "queer" has no definition of any kind, I guess you could call yourself that and believe and practice literally anything.

SEC expected to scale back landmark climate disclosure rule

In the latest draft of the landmark rule, the SEC has dropped a mandate that certain large companies report to investors information about the emissions generated by their suppliers and customers, known as Scope 3, said the person, who was granted anonymity to discuss non-public information.
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This "Scope 3" thing is crazy, at least to the extent I understand it. Which I admit isn't much. If nothing else it would increase the cost of audits by some huge amount and generate unreadable garbage in 10-Ks and 10-Qs nobody would read, or would understand if they did try to read it.

Apparently there's some First Amendment issues mixed up here, which I also don't pretend to understand.
 
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DSP's Tax Lawyer said:
Elizabeth Warren is one of those people who is worthy of being hated. Even more than cryptobros
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She is one of the most dangerously-stupid people I have ever heard speak when she talks about economics. It's frightening that a politician can have so little understanding of basic concepts like supply and demand and continually be elevated to positions of authority in Senate finance and banking committees.
 
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New tax reporting form for cryptobros. Looks like the Wild West days of virtual currency are drawing to a close. Looks like form will only be used starting in 2025, though. So it won't be on your 2024 1040.

Can't link to the article, since it is paywalled, but here's a copy/paste.

IRS Releases Digital Asset Draft Form​

By Tim Shaw, Checkpoint



The IRS on April 19 made available an early release draft of the information return for reporting digital asset transactions that will be furnished by brokers, reflecting proposed regs issued last year.

The new 2025 Form 1099-DA is generally expected to be included on federal income tax returns by taxpayers who answer "yes" to the digital asset question that asks if they, at any time during the relevant tax year, received, sold, exchanged, or disposed of a digital asset or financial interest in a digital asset. Common examples of digital assets to be reported include cryptocurrencies, stablecoins, and non-fungible tokens.

"You may be required to recognize gain from these dispositions of digital assets," read the draft instructions. "Reporting is also required when your broker knows or has reason to know that a corporation in which you own a digital asset that is also stock has had a reportable change in control or capital structure."

Form 1099-DA asks for various information about the type and amounts of digital assets transacted, as well as the addresses and Taxpayer Identification Number of parties involved. Taxpayers are expected to report when they acquired the asset, when it was sold or disposed, and cost basis. The form also includes a question on the "amount of nondeductible loss in a wash sale transaction involving digital assets that are also stock or securities for tax purposes."

Generally, the Code Sec. 1091 "wash sale rule" disallows taxpayers from purchasing a "substantially identical" security within 30 days of selling and claiming a loss. The rule under current law does not apply to digital assets.

Jessalyn Dean, vice president of tax information reporting at Ledgible, commented that the question "is included for purposes of digital assets that are also stock or securities already subject to wash sale rules (e.g. certain tokenized equities)."

Box 11d, which should be checked if the sale is not recorded on the distributed ledger, "is necessary because very often digital asset addresses or transaction IDs cannot be provided because transactions occurred within internal record keeping systems," Dean added.

Late August 2023, the IRS came out with long-awaited proposed regs that sought to clear up confusion around various digital asset issues like how the definition of a "broker" under the Infrastructure Investment and Jobs Act (IIJA; PL 117-58) applies to centralized exchanges, payment processors, and decentralized finance, or "DeFi."

At a reg hearing last November, commenters cautioned the IRS that it will be inundated with incomplete, inaccurate, or redundant information from an influx of Forms 1099-DA if the regs as currently proposed are finalized. Some suggested the IRS make more distinctions between centralized and decentralized exchanges for the sake of determining who is a broker.

Dean observed that brokers supplying Forms 1099-DA may have trouble with Box 5, used for indicating losses that are nondeductible because of a "reportable change in control or capital structure." While the form cites Form 8949, Sales and Other Dispositions of Capital Assets, and instructions for Schedule D (attached to income tax returns), neither "give any guidance on what kind of events in crypto and digital assets could apply in these circumstances."

"They defer to the broker to simply figure it out in the dark" by telling Form 1099-DA recipients that the broker "should advise you of any losses on a separate statement," Dean said.

For more information regarding Form 1099-DA, see Checkpoint's Client Letter on cryptocurrency reporting.
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Exciting stuff.
 
Elwood P. Dowd said:
New tax reporting form for cryptobros. Looks like the Wild West days of virtual currency are drawing to a close. Looks like form will only be used starting in 2025, though. So it won't be on your 2024 1040.
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Wondering how this is going to play out with the ATM crypto market operators now. I'm suspecting that they'll all switch over to requiring a full KYC no matter the purchase amount.
 
A bit of good news in my in-box this morning....

SEC News

SEC Disbands Enforcement Division’s Climate and ESG Task Force

Topic(s): SEC, Disclosure, ESG, Ethics, Financial Management, Regulated Industries

Summary: The SEC has disbanded the enforcement division's climate and ESG task force, a group behind some of its largest enforcement actions related to environmental, social and governance issues.

By Henry Engler, Regulatory Intelligence

The SEC has disbanded the enforcement division's climate and ESG task force, a group behind some of its largest enforcement actions related to environmental, social and governance issues.

The group was created in March 2021 to "develop initiatives to proactively identify ESG-related misconduct." Since then, the agency has brought cases against some of the largest financial firms, including fines against Deutsche Bank ($25 million) and Goldman Sachs ($4 million) for misleading ESG fund claims.

In explaining the decision, an SEC spokesperson told Regulatory Intelligence that the "ESG task force helped coordinate and focus enforcement resources to address the emerging risk of greenwashing amid heightened investor interest. The Commission brought a number of important enforcement actions in the area, which have sent a strong message to market participants about the importance of complying with the law when it comes to ESG considerations."

The agency now believes that the "strategy has been effective, and the expertise developed by the task force now resides across the Division."

The spokesperson added that should the SEC "see another uptick in misleading or false claims around ESG by issuers and ESG investing by advisers, like we are now seeing around AI washing, we will use the same tools we’ve used in the past to hold those violators accountable."

Earlier this month, the SEC fined Keurig Dr Pepper $1.5 million for misleading environmental claims. The company said in its 2019 and 2020 annual reports that their coffee pods could be recycled, but recycling companies said they would not accept them.

Tim Mohin, global sustainability leader at consulting firm BCG, said in a blog post: "This move is another signal of the SEC’s gradual retreat from its ESG agenda as scrutiny and lawsuits grow from the conservative-led ESG backlash. ESG was removed from the SEC’s list of 2024 policy priorities after featuring as a priority every year from 2020-2023."

The agency's climate disclosure rules, announced earlier this year, remain mired in court proceedings, after numerous groups brought legal actions against the rule, claiming the SEC lacked the statutory authority to issue the regulation.
This article was originally published in Regulatory Intelligence


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No link, it is a proprietary pay for service email thingie.
 
30+GameOvers said:
Dunno if it deserves it's own thread:
ApeFest, an NFT related event/party dedicated to the "Bored Ape" NFTs, has used dangerous UV lights that nearly blinded some of the festival goers, leaving many with "snowblindness", an equivalent of heavy sunburn for the eyes. More details here(warning: spergs out about da naziiis!)
I was able to find an article on this:
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Skechers still sell shoes with snoopdogg's ape NFT on them. It's so fucking jaring when you've seen how both he and nfts have become novelty.
 
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